LIF Fees
In addition to standard investment and transaction fees, the financial institution will set out administration fees for a Life Income Fund (LIF) account.
The fees associated with LIF accounts are virtually identical to those for RRSP accounts. The administration fees will be dictated by the type of account (Regular or Self-directed), and may be influenced by the dollar value of your investments held with the financial institution.
All financial institutions publish a commission schedule and statement of rates and fees that include a section disclosing all of the fees associated with registered accounts. The following charts summarize the most common administration fees associated with LIFs, but you should check with your own financial institution for a complete and up-to-date fee schedule.
Registered Account Administration Fees | Cost Range |
Self-directed Annual Admin. Fee | $0.00 - $135.00 |
Regular LIF Annual Admin. Fee | $0.00 - $50.00 |
Transfer Fees – Full and Partial | $125.00 - $135.00 |
Swap Fee for exchanging securities held in an LIF | $35.00 - $45.00 |
Cheque Pick-up Fee | $0.00 - $10.00 |
Service Fee for mutual funds not distributed by your financial institution | $0.00 - $50.00/Quarter |
Private Shares* held inside an LIF | Cost Range |
Set-Up Fee Per Security | $250.00 - $300.00 |
Annual Administration Fee Per Security | $100.00 - $200.00 |
*Also know as Canadian Controlled Private Corporations (CCPC) |
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Other LIF Fees: | Cost Range |
Duplicate Statement, Trade Confirmations, or Income Tax Receipts | $5.00 - $20.00 Per Item |
Holding Restricted Shares | $400.00 per security |
Account Research Requests | $50.00 per hour |
Estate Account Processing Fee | $0.00 - $100.00 |
Deposit Certificates Registered in the Name of a Deceased | $0.00 – $150.00 per Certificate |
Note: All of the fees associated with locked-in accounts are subject to federal and provincial sales taxes. Also each financial institution maintains different fees schedules and some financial institutions do not accept privately held shares in the LIF plans they administer. You should verify with your financial institution what securities they are willing to administer and ask for a copy of their fee disclosure statement. In addition, financial institutions have flexibility as to which of the published fees they actually charge. Many times fees are waived if the values of your assets held with them are of sufficient size.